RM, Home Seller in New York, NY

What is the ballpark closing cost for a coop in NYC at $130K with agent fee at 6%?

Asked by RM, New York, NY Wed Nov 14, 2012

I know there are variables, but I'd prefer to hear higher estimates than lower ones. I'd also like the estimated figure for a coop selling at $125K and $130K with an agent at 6%. Thanks

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6
Anna M Brocco, Agent, Williston Park, NY
Wed Nov 14, 2012
Ask your attorney for a good faith estimate....
1 vote
orseli pena, Agent, NEW YORK, NY
Sun Nov 18, 2012
3% to 4% closings cost depends the building
0 votes
De Vonte Wil…, Agent, East Point, GA
Wed Nov 14, 2012
You should ask your loan officer for a good faith estimate. That would be your best option. However you should factor in closing costs, because they are often an expense overlooked.

Your typical closing expenses will include the following;

1.) Attorney fees, surveys, recording fees, title insurance premium
2.) Homeowner's Insurance
3.) Mortgage Fee's (including; application fee, appraisal, PMI, points, miscellaneous,etc.)
4.) Home inspection/other inspection costs
5.) Prepaid tax, Flood Insurance (if applicable), etc.,

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,


De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes
Joseph Hasti…, Agent, Bayside, NY
Wed Nov 14, 2012
RM, here's an approximate breakdown on cost to sell a Coop. You can do the math on the broker commission and add your Attorney fees. If your building has a flip tax, ask if the board allows for any deductions from the flip and if so, what is the criteria. Good luck.


Approximate Coop costs For the Seller

Broker: Typically 6%

Own Attorney: Consult your attorney

Co-op Attorney: $450+

Flip Tax: Typically 1% to 3% of price (if applicable)

Stock Transfer Tax: $0.05 per share

Move-out Deposit/Fee: Varies by building

NYC Transfer Tax:

Residential:

Up to $500,000 = 1%

$500,000+ = 1.425%

Admin. Fee:

Non-Deed Transfers (i.e., Co-ops) = $50

NY State Transfer Tax: $4 per $1,000 of price

NYS Equalization Fee: $75.00

Pick-up / Payoff Fee: $250-$500

UCC-3 Filing Fee: $100

Miscellaneous Coop Charges: Vary by building
0 votes
Mark Fisher, Mortgage Broker Or Lender, Bronx, NY
Wed Nov 14, 2012
If you want a ball park estimate I would say about 4k
0 votes
Paul Macapag…, Agent, NY, NY
Wed Nov 14, 2012
Hi RM,

I have included a link below that will break down the exact variations in your closing cost. Lawyers fees are also calculated in your closing costs so it is hard to give you an exact number. i hope this helps you in finding your answer.

Best

Paul Macapagal
0 votes
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